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Respondent determined a deficiency in petitioner's Federal
income tax for the taxable year 1993 in the amount of $1,882, as
well as an accuracy-related penalty under section 6662(a) for
negligence or intentional disregard of rules or regulations in
the amount of $376.
After a concession by respondent,2 the only issue for
decision is whether petitioner may exclude from gross income
under section 104(a)(2) the settlement proceeds that he received
during the year in issue. We hold that petitioner may not
exclude such proceeds under section 104(a)(2).
FINDINGS OF FACT
Some of the facts have been stipulated, and they are so
found. Petitioner resided in Mishawaka, Indiana, at the time
that his petition was filed with the Court.
Petitioner was employed by Whitehall Laboratories, Inc.
(Whitehall) in Elkhart, Indiana, from August 1986 through some
time in 1990 or 1991. Whitehall was a subsidiary of American
Home Products Corp. (AHP). Wyeth-Ayerst Laboratories was a
division of AHP.
(...continued)
1 Unless otherwise indicated, all section references are to
the Internal Revenue Code in effect for the taxable year in
issue, and all Rule references are to the Tax Court Rules of
Practice and Procedure.
2 Respondent concedes that petitioner is not liable for the
accuracy-related penalty under sec. 6662(a).
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